Top 10 Richest Politicians In Lagos State

When you hear the name “Lagos,” you think hustle—brands, traffic, deals, money. And guess what? Its politicians aren’t left behind. In a world where politics and business tango like pros, some Lagosians have danced right into massive bank balances.

But not just any politician. We're spotlighting those born in Lagos, who’ve held actual office in the state, and are very much alive. None of that distant malpractice or Edo-born governors who only relocated for votes—this is Lagos through and through!

Let’s dish the dirt, serve the tea, and highlight the men and women who’ve not only lived Lagos but also built empires within it.

🥇 1. Bola Ahmed Tinubu – Est. Net Worth: $4–8 Billion+

First and foremost, Jagaban, Asiwaju, Bola Tinubu. This man needs no introduction. Born and bred in Lagos, educated at King's College and Chicago, Tinubu started his career at Mobil before transforming into the political juggernaut we know today. He was the game-changer governor (1999–2007) and is now the President—making Lagos proud (or sometimes loudly frustrated).

How’s he making all this?

• Media empire: He owns TVC, The Nation newspaper, and is rumored to have stakes in New Telegraph.

• Oil & gas: Some whispers link him to Oando, but no official receipts—just strong rumor.

• Real estate: Notice those mega-mansions in his convoys? They’re not free.

• Offshore holdings: He’s been known to have investments outside Nigeria—business geniuses don’t just think local.

Why this matters: Tinubu’s influence goes beyond politics. He can sway markets, career trajectories, and even fashion trends (they call that "Tinubu style"). He sets the pace—no wonder he sits at the top of this list.

🥈 2. Babatunde Raji Fashola (SAN) – Est. Net Worth: $30–50 Million

Fashola is what Lagos dreams are made of—consistent, competent, and strikingly clean. A former Lagos governor (2007–2015) and Nigeria’s Minister of Works and Housing, he’s also a Senior Advocate of Nigeria (SAN). He’s the epitome of sleek political professionalism.

Wealth from:

• Governor’s package: His two terms came with attractive allowances.

• Law practice: He was a partner at Fashola, Bello & Co.

• Modest real estate: He’s not flashy, but his Ikoyi and Lekki homes aren’t small change.

The vibe: Fashola’s money isn’t loud—but it’s earned clean. You’ll never hear engine roars or champagne bottles from his residence. That’s strength, not weakness.

🥉 3. Lagos State Governor – Babajide Sanwo-Olu – Est. Net Worth: $9–15 Million

Gov. Sanwo-Olu might not be a Lagos-born legend—the son of Ogun State—but he’s been deeply embedded in Lagos governance. He’s lived Lagos, loves Lagos traffic, and runs Lagos with a banker’s discipline.

Wealth sources:

• Pre-gubernatorial career: He was a high-ranking banker with Lagos State Property Development Corporation (LSPDC).

• Investments: He holds stakes in real estate and consultancies.

• Governorship benefits: The office comes with perks—but he’s reputed to lead a low-profile lifestyle.

Why he ranks: Not flashy, yes—but surely affluent. And importantly, he’s actively serving the people, making this list credible and current.

🏅 4. Sanwo-Olu’s Deputy – Dr. Obafemi Hamzat – Est. Net Worth: $6–10 Million

Born and brought up in Lagos, Dr. Hamzat transitioned from engineering and development to governance. He’s Lagos’s brain—knowledgeable, efficient, and understated.

Income streams:

• Engineering before politics: He led major public works projects, notably in Bridge Construction.

• Private sector links: He’s associated with consulting firms and infrastructure outfits prior to his political tenure.

• Deputy Governor earnings & perks: He’s set for life with state-level compensation.

His style: He’s like Fashola 2.0—competent, calm, and quietly effective. His money isn’t about ostentation; it’s about purpose.

🧠 5. Musiliu Obanikoro – Est. Net Worth: $5–75 Million

A personality you cannot ignore, Obanikoro has bounced between Lagos Island politics and national plays. He served on the Lagos State House of Assembly, the Federal House of Reps, Senate, and even held a federal ministerial position.

His wealth puzzle includes:

• Public service pay over decades.

• Local property rentals—think of those estates in Surulere and Ajah.

• Consultancy and deals: He’s got a knack for turning influence into contracts.

Personality: Loud, articulate, attention-seeking, but smart enough to back it with results. Some days you love him, other days—well, you still tune in.

🏅 6. Ganiyu Johnson – Est. Net Worth: $4–8 Million

Once the Speaker of the Lagos State House of Assembly, Ganiyu Johnson grew up in Mushin, studied at Pan-Atlantic University, and climbed the political ladder steadily.

Earning paths:

• Legislative remuneration across multiple terms.

• Real estate investments across Ikeja and Lekki.

• Chairmanship roles in boards and commissions.

Why he’s here: He served Lagos directly, invested in Lagos homes, and drives Lagos economic activity. He’s not flashy, but he's consistent.

🛠️ 7. Kehinde Bamigbetan – Est. Net Worth: $3–6 Million

Kehinde Bamigbetan, born in Ojo, rose through the ranks to serve as Federal Capital Territory Minister. But his Lagos-based influence as a former House Rep and Commissioner can't be ignored.

Income streams:

• Federal allowances & stipends.

• Local business interests in Ojo and Ijanikin—trucking and logistics.

• Property rentals—he has digs in Alimosho.

Summary: Politician-turned-powerbroker who’s serious about both influence and income.

🧾 8. Dawodu Adeleke (Tobi) – Est. Net Worth: $2–5 Million

Former Chief Press Secretary in Lagos State House under Fashola and later reappointed, Dawodu “Tobi” Adeleke is the friend of the media—you know him, and he probably knows you.

Profitable channels:

• Media consultancy & public affairs: Fee-based advisory, PR gigs, and brand campaigns.

• Speaking & training: From Senate press briefing workshops to political survival schools.

• Chairmanships: He’s often tapped for boards.

Why he stands out: He’s one of the few on this list from the communications space, showing that you don’t need oil or real estate to make wealth—you just need narrative control.

📊 9. Olanrewaju Elegushi (Chief?) – Est. Net Worth: $2–5 Million

A Chief of Ikate and businessman-turned-house-member, Olanrewaju Elegushi is Lagos royalty and stakesroller. He combines traditional title with elected public office.

Sources of money:

• Land allotments & property: He owns estates in Lekki and Ikoyi.

• Traditional endowments: Chiefs receive goodwill contributions—they’re powerful.

• Commissioner roles & contracts: He had ties in ministries, which came with contractual opportunities.

Why he matters? Lagos tradition meets modern governance—and profitable at both sides.

🏁 10. Bolu Oki (SAN) – Est. Net Worth: $1–3 Million

We end with the quiet achiever: Bolu Oki, Senior Advocate of Nigeria and member of the Lagos State Judicial Service Commission, as well as past Attorney-General and Commissioner for Justice. Also born and bred in Lagos.

Revenues include:

• Legal practice: His fees are high, and reputation even higher.

• Government remuneration: As top lawyer in state, he has stability and perks.

• Advisory roles: He counsels boards quietly and gets paid well for confidentiality.

He’s proof that Lagos’s wealth isn’t only about flash—it’s about intellect and discretion.

📋 Summary Table of Living Lagos-Born Politicians

🎯 Final Thoughts: Lagos Wealth & Governance—What It All Means

1. Born, raised, polished in Lagos
   Every name here belongs to someone who walked the streets with you, caught the BRT, paid show taxes—so their success feels like ours.

2. Politics is the amplifier, but not the only source
   Most of them came with businesses—law, media, construction—and used office to scale them. Only a few truly got rich because of office.

3. Style vs. Substance
   Tinubu and Obanikoro are style, others are substance. Fashola, Sanwo-Olu, Hamzat—they maintain clean reputations. Elegushi and Oki keep it tradition-professional.

4. Future Leaders Rising
   People like Obanikoro, Ganiyu Johnson, and Tobi show that the next wave isn’t tied to Lagos royal families—they’re grassroots, media-savvy, and savvy. Money in Lagos is becoming merit-based.